17 Non-current financial liabilities

17 Non-current financial liabilities
  Currency Due date Nominal interest rate 31.12.2014 31.12.2013
Private placement CHF 10.04.2017 3.625% 15,000 15,000
Private placement CHF 30.03.2018 3.660% 25,000 25,000
Private placement CHF 20.03.2023 3.625% 10,000 10,000
Private placement CHF 28.06.2030 2.500% 20,000 20,000
Bank loan CHF 11.12.2020 3.100% 10,000 10,000
Bank loan CHF 04.07.2016 3.360% 50,000 50,000
Bank loan 1) CHF 31.03.2017 variable 1,177 -
Bank loan (SET) EUR 30.06.2015 5.017% - 67,518
Loans       131,177 197,518
Bond par value CHF 18.11.2016 2.500% 200,000 200,000
Net expenditures CHF     -337 -727
Bond par value CHF 20.07.2022 2.375% 115,000 115,000
Net expenditures CHF     -1,671 -1,903
Registered note EUR 08.08.2034 3.400% 101,002 -
Net expenditures EUR     -4,915 -
Bonds       409,079 312,370
Investment loan CHF 31.12.2015 no interest - 152
Investment loan 2) CHF 31.12.2020 no interest 1,063 1,275
Investment loan CHF 31.12.2015 no interest - 47
Loan (minority interest)3) CHF 31.12.2070 no interest 9,295 9,060
Residual purchase obligation Forze Motrici Pistoia S.r.l. EUR 31.12.2017 no interest - 1,135
Interest rate swap CHF 11.12.2020   1,701 1,239
Interest rate swap CHF 28.06.2024   4,613 -
Interest rate swap CHF 01.07.2031   5,789 -
Interest rate swap CHF 18.11.2031   4,883 -
Other financial liability EUR 31.12.2021 no interest 971 -
Liabilities for financial leasing 4) CHF   2.500% 153 284
Other financial liabilities       28,468 13,192
Total       568,724 523,080
Financial liabilities are carried in the following currencies:          
Swiss francs       471,666 454,427
Euro (translated)       97,058 68,653

With the exception of interest rate swaps, all non-current financial liabilities fall into the category other financial liabilities and are recognised at amortised cost using the effective interest method.

The weighted average interest rate based on the nominal value on the balance sheet date was 2.98 per cent (previous year: 2.97 per cent). The fair value of non-current financial liabilities amounted to TCHF 634,217 (previous year: TCHF 545,972).

Repower has fully complied with all credit and loan agreements.

1) Mortgage assignments were pledged as security for the bank loan of TCHF 1,177. The fixed assets pledged in this connection are disclosed in Note 7.

2) Mortgage assignments were pledged as security for the investment loan of TCHF 1,063 (previous year: TCHF 1,275) The fixed assets pledged in this connection are disclosed in Note 7.

3) In the 2011 financial year the minority shareholders of Repartner Produktions AG granted an interest-free loan of TCHF 15,925 commensurate with their interests to finance the expansion of Repower's Taschinas hydropower plant in GrĂ¼sch. The terms of the loan stipulate repayment on a straight-line basis originally over 59 years as well as pro-rata compensation based on the EBIT generated by the Taschinas power plant. Financial liabilities are to be recognised at the time they are acquired at fair value. Since no market price is available, this is determined on the basis of the present value of expected future cash flows. The interest rate applied is 2.7 per cent. The interest rate advantage for the interest-free shareholder loan amounted to TCHF 8,004 and was classified as a hidden contribution which was taken into account at Group level as a capital increase in non-controlling interests. Over the course of 2012 other partners were acquired for Repartner Produktions AG that also granted the company interest-free loans. Entry into the partnership was with retrospective effect and under the same terms and conditions as the previous partners. The additionally granted loan amount at the beginning of the year totalled TCHF 1,356.

In the 2014 financial year the interest-free loan was adjusted retroactively. The adjustment to the interest-free loan came to TCHF 315.

At the end of 2014 the liability component of the interest-free loan amounted to TCHF 9,368 (previous year: TCHF 9,129) and is amortised using the effective interest method, with the short-term portion recognised under current financial liabilities in the amount of TCHF 73 (previous year: TCHF 69).

4) The detailed maturities of leasing commitments can be found in Note 29.